Investee Company – Codeonline (Finland)
Investee Company Business Type – Mobile entertainment services provider
Type of Financing – Expansion
Equity Providers – Bertelsmann Capital Ventures, AOL Time Warner Ventures and Motorola Ventures
Equity Leader (Individual) – N/A
Debt Providers – N/A
Debt Type – N/A
Debt Leader (Individual) – N/A
Equity Amount – euro8 million
Total Deal Value – euro8 million
Other Advisors – N/A
Comments – Codeonline, a provider of mobile entertainment services, has raised euro8 million in a round of venture capital financing. The funding was provided by new investors Bertelsmann Capital Ventures and AOL Time Warner Ventures, while existing investor Motorola Ventures also participated.
Headquartered in Espoo, Finland, Codeonline designs, develops and markets ready-to-play interactive entertainment services for all types of mobile devices and technologies. The company has the industry’s most complete set of mobile games and services based on globally recognised brands, and it has released the mobile versions of high profile brands such as Who Wants To Be A Millionaire??, Trivial Pursuit?, Zobmondo!!?, E.T. – The Extra-Terrestrial? and Subbuteo?.
Proceeds from this financing round will be used to boost Codeonline’s expansion plans, while also helping achieve its goal of more than doubling 2001 net sales of five million euros.
Maija Hämäläinen, CEO of Codeonline, commented: “These investments not only strengthen Codeonline’s financial base, but also enable us to continue our success in the wireless entertainment marketplace. Our existing share-holders are excited about Bertelsmann Capital Ventures and AOL Time Warner Ventures joining the investor base, as strong industry networks and financial resources are of key importance in this new emerging market.”
Jan Kantowsky, Managing Director of Bertelsmann Capital Ventures, said: “This relationship will further foster Codeonline’s leading position in the mobile entertainment industry. Bertelsmann Capital Ventures views this investment as an important element of Bertelsmann’s mobile strategy aimed at leveraging existing content and customer relationships in the mobile arena.”